Longboard Asset Management LP Buys New Position in NewMarket Corporation $NEU

Key Points

• Longboard Asset Management LP has acquired a new stake in NewMarket Corporation worth approximately $269,000, purchasing 389 shares during the second quarter.
• NewMarket Corporation recently reported earnings per share (EPS) of $11.84 for the quarter, with a net margin of 17.28% and revenue of $698.51 million.
• The company has declared a quarterly dividend of $2.75, to be paid on October 1st, translating to an annualized dividend yield of 1.3%.

Longboard Asset Management LP bought a new stake in NewMarket Corporation (NYSE:NEU - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 389 shares of the specialty chemicals company's stock, valued at approximately $269,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. MassMutual Private Wealth & Trust FSB raised its holdings in shares of NewMarket by 557.1% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 46 shares of the specialty chemicals company's stock worth $26,000 after acquiring an additional 39 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in shares of NewMarket by 587.5% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 55 shares of the specialty chemicals company's stock worth $31,000 after acquiring an additional 47 shares during the last quarter. Whipplewood Advisors LLC raised its holdings in shares of NewMarket by 7,700.0% in the 1st quarter. Whipplewood Advisors LLC now owns 78 shares of the specialty chemicals company's stock worth $44,000 after acquiring an additional 77 shares during the last quarter. Private Trust Co. NA raised its holdings in shares of NewMarket by 185.2% in the 1st quarter. Private Trust Co. NA now owns 77 shares of the specialty chemicals company's stock worth $44,000 after acquiring an additional 50 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of NewMarket by 100.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78 shares of the specialty chemicals company's stock worth $44,000 after acquiring an additional 39 shares during the last quarter. Institutional investors and hedge funds own 61.09% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded shares of NewMarket from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th.

NewMarket Stock Down 0.6%

NewMarket stock traded down $4.94 during trading hours on Monday, hitting $811.33. The stock had a trading volume of 62,816 shares, compared to its average volume of 95,682. The company has a quick ratio of 1.43, a current ratio of 2.66 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $7.63 billion, a P/E ratio of 16.08 and a beta of 0.49. NewMarket Corporation has a 12-month low of $480.00 and a 12-month high of $854.75. The stock's 50-day moving average price is $772.50 and its 200-day moving average price is $671.12.

NewMarket (NYSE:NEU - Get Free Report) last issued its earnings results on Wednesday, July 30th. The specialty chemicals company reported $11.84 earnings per share (EPS) for the quarter. NewMarket had a net margin of 17.28% and a return on equity of 32.25%. The business had revenue of $698.51 million during the quarter.

NewMarket Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid a $2.75 dividend. The ex-dividend date is Monday, September 15th. This represents a $11.00 dividend on an annualized basis and a dividend yield of 1.4%. NewMarket's payout ratio is currently 21.80%.

NewMarket Company Profile

NewMarket Corporation, through its subsidiaries, primarily engages in the manufacture and sale of petroleum additives. The company offers lubricant additives for use in various vehicle and industrial applications, including engine oils, transmission fluids, off-road powertrain and hydraulic systems, gear oils, hydraulic oils, turbine oils, and other applications where metal-to-metal moving parts are utilized; engine oil additives designed for passenger cars, motorcycles, on and off-road heavy duty commercial equipment, locomotives, and engines in ocean-going vessels; driveline additives designed for products, such as transmission fluids, axle fluids, and off-road powertrain fluids; and industrial additives designed for products for industrial applications consisting of hydraulic fluids, grease, industrial gear fluids, and industrial specialty applications, such as turbine oils.